World’s biggest sovereign fund pleads to save oceans

6 September, 2018 12:00 AM

OSLO: Companies should be doing more to protect the world’s oceans, including combatting plastic waste pollution, Norway’s sovereign wealth fund, the world’s biggest, said on Wednesday, reports AFP.

“The ocean is a vital part of the biosphere and an important part of the global economy,” said Yngve Slyngstad, the head of the fund valued at 8.66 trillion kroner (890 billion euros, $1.03 trillion).

“We expect companies to manage the challenges and opportunities related to sustainable use of the oceans,” he added.

A heavyweight on the global finance scene, the Government Pension Fund Global published a document outlining what it expects from the 9,000 companies in which it holds stakes.

Among other things, it urged them to integrate environmental ideas into their business strategies, suggesting for example that plastics producers plan a transition to a “circular economy” frugal in raw materials, and that fisheries companies incorporate forecasts on future stocks in their planning.